The Saudi oil conglomerate is reportedly the world's most valuable company worth an estimated $2-$3 trillion. Aramco plans to list five percent of its shares on multiple international exchanges and hopes to raise $150 billion.

“This will give the winning banks tremendous credibility in the energy markets for all kinds of transactions,” said Wharton School's David Wessels, pointing out that banks would have teams of their heaviest hitters on this.

The step is a part of an ambitious plan to decrease the kingdom’s dependence on oil and raise funds to revamp the economy.

Deputy Crown Prince and head of Aramco's Supreme Council Mohammed bin Salman expects the IPO will conservatively value the company at $2 trillion.

Saudi Arabia announced its plans for a public listing of Aramco in January. Since then financiers from the world’s major banks have been trying to get a foot in the biggest investment banking deal ever, the Wall Street Journal reports.